Mindset Mastery for Entrepreneurs – Part 4: What Does it Take to Develop a Growth Mindset?

Why are some entrepreneurs successful, while others aren’t?

The main difference between successful and struggling entrepreneurs with the same amount of capital, intelligence and talent is that the first has a growth mindset while the second has very likely a fixed mindset.

Of course, there are several other factors that play a role in reaching your full potential, but a growth mindset is one of the fundamental elements that contribute to your success.

In today´s blog post, I will define a fixed mindset and a growth mindset. I will also share a personal story that illustrates the difference between a fixed and a growth mindset, and at the end of this article, I will show how you can develop a growth mindset in 5 steps.

Overview

What is a fixed mindset?
What is a growth mindset?
Personal Story
Develop a growth mindset with the following 5 elements
- Element 1: Be open to learn, improve, and grow
- Element 2: Be motivated by setbacks
- Element 3: Embrace a culture of growth and teamwork
- Element 4: Be self-confident and inspire
- Element 5: Embrace self-transformation
Summary

What is a fixed mindset?

According to Stanford social psychology professor Carol Dweck[1], who specializes in mindset psychology, a fixed mindset is when people believe their basic qualities, intelligence, talents, and abilities are fixed traits. They believe that they have a certain amount of these traits and can´t change that.

People with a fixed mindset measure their self-worth by how many talents they have and what is easy for them to handle. Dweck summarizes this as follows:

“These people think things like ‘Better do not make any mistakes, what will others think of me?’
Failures deeply unsettle them because the image of their personality begins to falter:
‘Don’t I have this talent?’ Since they don’t have a strategy to grow with challenges, they try to avoid them.”

What is a growth mindset?

But people with a growth mindset believe that even basic talents and abilities can be developed over time through effort, experience, and mentorship.

Initial talents, aptitudes, interests or temperaments can be changed and grown through application and experience. These are the people who really go for it in life.
They’re not worried about how smart they are, how they’ll look, what a mistake will mean.
They challenge themselves constantly to grow and assume that they can always develop and learn everything.
They tend to think, “Hey, this is a great opportunity, I can learn something new. I feel good when I try something difficult.”

And if something does go wrong, people with a growth mindset wonder what they could do better next time. People with this inner conviction love challenges and see failures as steps on their way to success.

Personal Story

When I was in grade school in Germany, one day my teacher asked my parents and me to come to his office. After the usual pleasantries, he said that he doesn´t believe that I have the talent to go to high school and college (vs entering the German system of vocational apprenticeship). He believed that my talents and abilities were fixed traits and I was not able to develop them. I experienced firsthand a fixed mindset mentality at school, as it was all about whether I was talented or not.

However, I was lucky: my father challenged the belief that my talents and abilities were fixed and helped me to develop them instead. His attitude was that I could learn anything I put my mind to and he modeled this mindset for me. Most importantly, I learned from my mistakes and sought to do better next time. This empowering mindset proved my teacher wrong and led me on a journey of self-discovery and the development of most of my talents and skills.

Develop a growth mindset with the following five elements:

⇒ Element 1: Be open to learn, improve, and grow

Successful entrepreneurs with a growth mindset:

Are willing to learn, improve constantly, and give their best.
Surround themselves with talented people.
Believe in human potential and personal development.
Create a new compelling belief in themself and in their skills and abilities.
Believe in their capacity for positive change.
Are willing to look at their own mistakes and not blame others.
Ask what skills they and their employees will need in order to be successful.
Entrepreneurs with a growth mindset take calculated risks and the right action.
They take charge and go beyond their comfort zone.

⇒ Element 2: Be motivated by setbacks

If you have a growth mindset, it doesn´t mean you won’t encounter failure and setbacks.
Prepare yourself for facing these challenges and for failing sometimes.
The difference between entrepreneurs who have a fixed mindset and those who embrace a growth mindset is that the latter perceive a setback as a wake-up call and feedback as to how they can do better next time.
Failure is an opportunity to learn from experiences and apply what they have learned next time. Setbacks are motivating for them and don´t bring them down.

⇒ Element 3: Embrace a culture of growth and teamwork

If you enter the world of growth mindset entrepreneurs, you will see a world that expands and is filled with energy and possibilities.
It is important to do what you love and passionate about, because it’s much easier to succeed.
Growth mindset entrepreneurs embrace a culture of growth and teamwork in their company.
A good example is Elon Musk. He has grown several businesses to great success. For more inspiration, I recommend reading his interesting biography.²

⇒ Element 4: Be self-confident and inspire

True self-confidence means that one has the courage to be open to change and new ideas regardless of their origin. It is reflected in your mindset and willingness to grow.
Commit to being an inspiration to others and use the success of others to get inspiration as well.

⇒ Element 5: Embrace self-transformation

An entrepreneur who embraces self-transformation will lead the company to sustainable growth and success. He/ she will be a true leader.
Cultivate and work on becoming more aware of your talents, strengths, and weaknesses.

Ponder the following questions:

Does your company embrace a fixed or a growth mindset?
How could you profit from the feedback you get from your employees and customers?
Are there ways you could create more learning experiences for yourself?

Summary

Key Point #1: A growth mindset is one of the fundamental elements that contribute to your business success.
Key Point #2: A fixed mindset is when people believe their basic qualities, intelligence, talents, and abilities are fixed traits.
Key Point #3: People with a growth mindset believe that even basic talents and abilities can be developed over time through effort, experience, and mentorship.
Key Point #4: You can develop a growth mindset and change your fixed mindset.

Supporting you

Are you interested in developing a growth mindset culture in your company?

If so, contact me for a complimentary 30-minute consultation https://nextlevelcoach.as.me/schedule.php

Coming up next month…

In my next blog post, I’ll shed more light on how to handle setbacks positively (element #2) so you can be successful again.

Stay tuned!

[1] Carol S. Dweck, Ph.D. (2006), The New Psychology of Success, P.11ff.

[2] Anna C. Redding “Elon Musk: A Mission to Save the World”

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